The ITAT Ahmedabad has ruled that a penalty under Section 270A cannot be automatically imposed for an addition made under the deemed provisions of Section 56(2)(x). The Tribunal quashed a penalty on a taxpayer who purchased property below stamp duty value, stating such additions do not constitute under-reporting of income.
The Income Tax Appellate Tribunal (ITAT) Ahmedabad dismissed the Revenue’s appeal, confirming the deletion of additions made under Section 68 of the Income Tax Act.
The ITAT Ahmedabad has deleted a ₹55 lakh addition made under the “accommodation entry” theory, ruling that the repayment of loans through banking channels negated any benefit to the assessee, thereby making the addition and the reassessment legally unsustainable.
Tribunal held that technical issues in filing Form 56F cannot bar deduction under Section 10AA. Meghmani LLP’s Rs. 4.82 crore claim allowed as form submission was directory, not mandatory.
In a case concerning a real estate transaction, the Income Tax Appellate Tribunal (ITAT), Ahmedabad, held that an assessment under Section 153C was invalid as no incriminating material was found from the assessee.
The ITAT Ahmedabad quashed a PCIT order, ruling that revisional power cannot be invoked for mere verification, and a specific error must be proven to show prejudice to revenue.
ITAT clarified that education and camps on Jain principles cannot be treated as wholly religious. Registration u/s 80G can only be denied if religious expenditure exceeds the statutory 5% threshold.
The Income Tax Appellate Tribunal (ITAT) in Ahmedabad has set aside a tax authority’s rejection of a trust’s Section 80G exemption application. The court ruled that mentioning a temple among multiple charitable objects does not automatically make the trust “substantially religious” and directed a review of its actual expenditures.
ITAT Ahmedabad has set aside a tax authority’s rejection of Rajnibhai Kanada Memorial Foundation’s Section 80G tax exemption. The court held that objects related to Indian culture and spirituality, such as teaching music or celebrating festivals, are not substantially religious and that the tax authority must allow the trust to explain its expenditures before denying the exemption.
The ITAT Ahmedabad has remanded a case involving Akshar Elecinfra Pvt. Ltd., ruling that the denial of an 80JJAA deduction was due to a technical portal glitch and not a substantive error.
